Byju’s buys Toppr, Great Learning

Yatti Soni Bengaluru | Updated on July 25, 2021

Byju Raveendran, Founder & CEO, Byju’s

Edtech giant Byju’s has completed the acquisition of two edtech start-ups Toppr and Great Learning, according to the company’s MCA filings.

A source close to Byju’s told BusinessLine that the deal value for Great Learning and Toppr’s acquisition was $600 million and $150 million, respectively. Great Learning had an annual revenue run-rate of $100 million at the time of acquisition, the source added.

The filings show that the acquisition involved a mix of cash and equity. Shareholders of Great Learning and Toppr have swapped their respective shares with Byju’s Series F shares.

In the case of Great Learning, LMK Holding Ltd and Matrix Benefit Trust were allotted 29,324 Series F CCCPS (Compulsorily Convertible Cumulative Preference Shares) at the face value of ₹10. Gurugram-based Great Learning is an upskilling platform founded by Mohan Lakhamraju in 2013.

Similarly for Toppr, a total of 17,036 Series F CCCPS of Byju’s were allotted to Helion Venture Partners, Eight Roads Investments, Alteria Capital Fund, Kaizen PE, FH Learn LLP, Ramakant Sharma and Learn 2 Holdings Ltd. Toppr was founded in 2013 by Zishaan Hayath and Hemanth Goteti.

The filings also show that Byju’s is raising funds from MIH Edtech Investments. 14,000 Series F CCCPS at face value of ₹10 were allotted to MIH Edtech, which is a subsidiary of Prosus, an existing investor of Byju’s.

Published on July 24, 2021

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